Opaleye Management Inc. Has $12.02 Million Stake in Cabaletta Bio, Inc. $CABA

Key Points

• Opaleye Management increased its Cabaletta Bio stake by 180% during the second quarter, purchasing 2.48 million additional shares. It now owns 3.86 million shares, valued at approximately $12.02 million, or 2.28% of CABA.
• Analyst opinions remain mixed, but the stock carries a consensus “Moderate Buy” rating and an average price target of $15.33, well above its reported $2.74 share price.
• Cabaletta Bio, a clinical-stage biotechnology company developing CAAR-T therapies for autoimmune diseases, reported a quarterly loss of $0.34 per share—better than the expected $0.37 loss.

Opaleye Management Inc. increased its stake in shares of Cabaletta Bio, Inc. (NASDAQ:CABA - Free Report) by 180.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,863,800 shares of the company's stock after purchasing an additional 2,483,800 shares during the quarter. Cabaletta Bio makes up approximately 1.1% of Opaleye Management Inc.'s portfolio, making the stock its 26th largest position. Opaleye Management Inc. owned about 2.28% of Cabaletta Bio worth $12,016,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CABA. Kestra Advisory Services LLC acquired a new position in shares of Cabaletta Bio in the first quarter worth $32,000. SummitTX Capital L.P. purchased a new position in Cabaletta Bio in the first quarter valued at about $34,000. Legal & General Group Plc acquired a new position in Cabaletta Bio in the 2nd quarter worth about $34,000. HighTower Advisors LLC acquired a new position in Cabaletta Bio in the 2nd quarter worth about $34,000. Finally, ANTIPODES PARTNERS Ltd purchased a new stake in shares of Cabaletta Bio during the 4th quarter worth about $38,000.

Wall Street Analyst Weigh In

Several research firms have commented on CABA. Wall Street Zen downgraded shares of Cabaletta Bio from a "hold" rating to a "sell" rating in a research report on Saturday, June 13th. TD Cowen upgraded shares of Cabaletta Bio to a "strong-buy" rating in a report on Monday, August 24th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cabaletta Bio in a research note on Friday, July 17th. HC Wainwright restated a "buy" rating and set a $16.00 target price on shares of Cabaletta Bio in a report on Tuesday, September 1st. Finally, Wells Fargo & Company decreased their target price on Cabaletta Bio from $4.00 to $3.00 and set an "equal weight" rating for the company in a research report on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Cabaletta Bio presently has a consensus rating of "Moderate Buy" and a consensus target price of $15.33.

Cabaletta Bio Stock Performance

NASDAQ CABA opened at $2.74 on Friday. The stock has a 50-day simple moving average of $2.95 and a 200 day simple moving average of $3.12. Cabaletta Bio, Inc. has a twelve month low of $1.72 and a twelve month high of $4.23. The stock has a market capitalization of $464.54 million, a PE ratio of -1.75 and a beta of 3.27.

Cabaletta Bio (NASDAQ:CABA - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.03. As a group, equities research analysts forecast that Cabaletta Bio, Inc. will post -1.34 EPS for the current fiscal year.

About Cabaletta Bio

Cabaletta Bio is a clinical-stage biotechnology company pioneering chimeric autoantibody receptor T cell (CAAR-T) therapies for B cell–mediated autoimmune diseases. Its proprietary platform engineers patient-derived T cells to selectively target and eliminate pathogenic B cells that produce disease-driving autoantibodies, with the aim of preserving overall immune function and reducing off-target toxicity.

The company's lead candidate, DSG3-CAART, is being evaluated in pemphigus vulgaris, a rare blistering disorder caused by autoantibodies against desmoglein 3.

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